Tax deduction for seniors

 On last weeks show Todd talked about some "perks" of growing older and one of those were Tax deductions for seniors: People age 65 and older are eligible for several extra tax deductions. Seniors are eligible to claim a bigger standard deduction than younger taxpayers. The standard deduction is $1,350 more for each spouse who is age 65 or older, or $2,700 if both members of a married couple meet the age requirement. If you are above a specific age and sometimes below a certain income level, you might also qualify for property or school tax deferrals or exemptions. For more information go to yoursafemoneyshow.com or call 320 679 5183.

Your Safe Money Show Financial perks of growing older 9 3 22

Closed Labor Day

 Sjoberg & Holmstrom Financial Services and Your Safe Money Show wish you a safe and relaxing Labor Day. We will be closed on Monday. You can leave a message at 320-679-5183.

Upcoming highlights for Your Safe Money Show (9-3)

 Here's what were planning for this Saturday's (9-3) Your Safe Money Show. We'll have strategies to maximize your 401(k) balance. The financial perks of getting older. And Todd will answer questions about student loan forgiveness. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at the podcast page at yoursafemoneyshow.com.

How much risk can you handle?

 

USPS price increases

 Just a heads up the US Postal Service announced this week that it's requesting temporary price increases for certain domestic mail services during the holiday season. If approved, the new prices would go into effect on Oct. 2 and last through Jan. 22. They're designed to help offset higher shipping costs and help the agency stay competitive relative to UPS and FedEx. International rates will not change. Both individuals and businesses would pay between 25 cents and $6.50 extra, depending on the type of package and type of shipping service they use. Rates for Priority Mail, Priority Mail Express, First-Class Package Service, Parcel Select Ground and USPS Retail Ground would be affected, among other services. Flat-rate envelopes and boxes would cost an extra 95 cents for retail customers, for instance, while heavy packages (above 26 pounds) sent more than 600 miles would cost an extra $5.85. Lighter packages would see rate increases of a dollar or less. This hasn’t passed yet, but they did a rate increase last year similar to this. So more than likely it’ll happen again. For details go to the USPS website.

Your Safe Money Show Social Security and student loans 8-27-22